Whitley Penn is all about audit innovation and quality. Notably, both INSIDE Public Accounting and Accounting Today recognize the firm as one of the nation’s top. Moreover, also identified as one of the most distinguished public accounting firms in Texas, they realize the value a streamlined audit process provides to both its clients and the firm.
An Integrated Audit Approach
For example, by using Wolters Kluwer’s suite of audit solutions, Whitley Penn has dramatically improved second year audit realization.
To illustrate, here’s a quote from Andy Hines, who is an Audit Manager at Whitley Penn. “The integrated approach between CCH ProSystem fx Knowledge Coach and CCH ProSystem fx Engagement is great. Specifically, realization in the second year of using Knowledge Coach went through the roof! To demonstrate, as we pared down audit steps that weren’t really adding value, procedures got faster.”
Risk-Based Audit Methodology
A part of Wolters Kluwer’s Integrated Audit Approach, Knowledge Coach identifies risks, flows those risks through the audit program and then prompts the auditor to alter the plan accordingly in response. Indeed, Knowledge Coach’s design is in response to the AICPA’s audit risk assessment standards. Particularly, the solution enables auditors to understand clients more thoroughly in order to plan the best possible quality audit. For Whitley Penn, this has made a huge impact on their audit engagements.
Hines says, “We work in many different industries and we audit companies between $1 million to nearly $1 billion in revenue. Obviously, audits between those two types of companies are very different. However, the Knowledge Coach framework allows us to have consistent audit quality within the risk-based audit methodology.”
Audit Innovation – the Road Ahead
In summary, the firm believes that emerging technologies, including predictive analytics and AI, are main drivers in future audit innovation.
For instance, Hines states, “Over the next eight to 10 years, I see our audit process changing dramatically as it becomes more driven by data analytics. Further, there will likely be a decline in sampling and an increase in testing at a 100% level.”
Next, for the complete story on how Wolters Kluwer’s Integrated Audit Approach has transformed the way Whitley Penn does business, read the entire case study – Whitley Penn Creates a Culture of Audit Innovation and Audit Quality,